The world’s natural gas supply is a $6 trillion market, and there are only a handful of places that can fill the gap, a new report finds.
The study, conducted by the University of Sydney’s Centre for Energy and Environmental Economics, looks at the world’s existing gas supplies, including the world as a whole and gas exports, and estimates how much of that supply is now being exported and how much is being purchased by consumers and firms in the US.
The research was published in the Energy and Environment Journal.
Source: Energy & Environment Journal title Global gas market share reaches record highs in 2016 article The global gas market has experienced a record year for global gas demand in 2016, according to the report.
The global supply of gas, which accounts for around 40% of the world economy, reached a record 1.1 trillion cubic metres in 2016 and was up by 8% year on year, according the report, which is based on a data set compiled by the International Energy Agency.
However, the report says the global gas supply could be down to around a fifth of the total global gas needs by 2023, due to supply disruptions in the Middle East and Africa, as well as increasing prices in other markets.
It also said there was a lack of transparency around how much gas was being exported in the global market.
The report also found the global supply could reach 2.5 trillion cubic meters in 2020, down from 2.7 trillion cubic m in 2020.
“The demand for gas in the world is growing at a rate of 1.8 per cent annually, while the supply is growing in line with the demand,” the report said.
“This is a positive trend, but it means that demand will only continue to grow at a much faster rate than supply.”
The report said the global G&L market, which includes natural gas gas, gas liquids, and gas turbine liquids, could reach 1.5 billion cubic metres by 2040, a level that had not been reached in more than 20 years.
“It is possible that the demand for natural gas will outpace the supply in the near future, leading to a significant increase in global gas consumption,” it said.
In its report, the Centre for Environmental Economics said the G&M market is likely to reach 3.5 per cent of the global demand by 2026, and the demand in the G2 market could reach 3 per cent by 2036.
The Centre for Global Development, a US-based think tank, has predicted the global economy will grow at 2.4 per cent this year, 2.3 per cent next year and 2.1 per cent in 2020 but said the growth rate is likely “to slow down”.
The report was released on Tuesday, the same day as the US Energy Information Administration reported a record US GDP of $8.35 trillion for the quarter ending on March 31.